How we paid off our first mortgage by 28 years old

How we paid off our first mortgage by 28 years old

How We Paid Off Our First Mortgage by 28

When my husband and I bought our first home at 24, we were determined to pay off our mortgage as quickly as possible. By living off one salary and dedicating the other entirely to the mortgage, we managed to achieve this goal by the time I was 28. It required sacrifice, but nothing great comes without great sacrifice. We shared meals when we ate out at restaurants and skipped the extras, like guacamole at Chipotle, to save. I started out life making $6 an hour at 16 years old working at a Panera Bread and dined a few weeks ago oceanfront at the Breakers Seafood Bar which is my favorite restaurant. Sharing the chipotle bowls isn't forever, but only a way to propel you forward. Many people think that you need to make a lot of money to achieve big financial goals. Our experience taught us that it’s not about how much you make, but how well you manage what you have.

The Reward: A New Home for Our Family

Paying off our mortgage early afforded us the opportunity to buy a much more expensive home for our growing family. This wouldn’t have been possible if we were still bogged down by the first mortgage. By freeing ourselves from that debt, we could leverage our equity and savings to invest. It also removed an element of pressure off of us and we are able to invest with a lot less risk.

You too can have financial peace with a willingness to forgo short-term pleasures for long-term gains. If we could do it, so can you. And in the end, the freedom and opportunities that come with financial independence are well worth the effort.

Common Excuses:

  • "We have kids"
    • Andy and I also had a teenager that we took into our home and were fully supporting. We also supported a child overseas. 
  • "We never got any money from our parents"
    • We paid for our entire wedding, honeymoon and bought our first house. I paid for my health insurance since I was 18.
  • "We only have one salary."
    • Thats fine. It may just take a little longer.

I fully believe- you can do whatever you put your mind to. If you dream of a different life, know that it's achievable. :)

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